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Never Saw It Coming

Why the Financial Crisis Took Economists By Surprise

Author: Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System
November/December 2013
Foreign Affairs


It was a call I never expected to receive. I had just returned home from playing indoor tennis on the chilly, windy Sunday afternoon of March 16, 2008. A senior official of the U.S. Federal Reserve Board of Governors was on the phone to discuss the board's recent invocation, for the first time in decades, of the obscure but explosive Section 13(3) of the Federal Reserve Act.

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